This report describes running nine AVOID emissions scenarios through the WITCH economic model, the results of which are that:
- temperature stabilization compatible with the targets of the European Union and the G8 might have important economic repercussions. The costs of such policies depend on when the transaction to a lower carbon society starts.
- for ambitious targets, early action is crucial. Delayed action implies a higher post peak reduction rate, which in turn results in a replacement of capital that is more costly as it is more abrupt.
- renewables, CCS, nuclear, REDD, and innovation (R&D) are all indispensable to minimize stabilization costs.
- strong reductions in energy consumption through enhanced energy efficiency and life style changes are needed to achieve a low carbon economy.
